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Aug. 1, 2011 () — A spate of spectacular collapses of Chinese stocks listed on American exchanges has cost U.S. investors billions of dollars. The fiasco has sparked multiple investigations. Accusations are swirling in Washington and Beijing.
Articles in this series are exploring the extent and impact of corporate secrecy in the United States
The Chinese reverse-merger boom and bust offer insight into a little-understood corner of American business: the widespread use of shell companies, which can offer their owners a way to minimize regulatory scrutiny. The U.S. in recent years has called for much greater transparency in global business transactions. But on American shores, opaque shell companies are rife.
Originally posted by wildtimes
This is disturbing! I really am confused about the China/US relations. Apparently 10 years ago some Wall Street guy was contacted and subsequently helped Chinese firms get into the US Stock Market.
Reverse mergers - shell companies. 18$ billion GONE. Poof. Interesting stuff.
Seems no matter how hard we try, we just aren't going to get transparency. Why do cheaters always, always, always win, and then walk off without a shred of culpability or guilt (at least internally)?
And, if they're doing this through loopholes, and no one is squawking....well, it's just sickening. Greed. Sickening greed.
Security experts have discovered the biggest series of cyber attacks to date, involving the infiltration of the networks of 72 organizations including the United Nations, governments and companies around the world.
Security company McAfee, which uncovered the intrusions, said it believed there was one "state actor" behind the attacks but declined to name it, though one security expert who has been briefed on the hacking said the evidence points to China.
The long list of victims in the five-year campaign include the governments of the United States, Taiwan, India, South Korea, Vietnam and Canada; the Association of Southeast Asian Nations (ASEAN); the International Olympic Committee (IOC); the World Anti-Doping Agency; and an array of companies, from defense contractors to high-tech enterprises.